Meridiam has announced that it has completed the acquisition of a Portuguese road.

In late April, Sonae Capital,a Portugal-based holding company engaged mainly in the tourism and hospitality sector, reached an agreement with Meridiam Infrastructure Europe II SCA SICAR, a fund managed by Meridiam Infrastructure, for the sale of its36% stake in Norscut, the concession company of the A24 motorway in Portugal.

Sonae Capital possessed the 36% stake in the A24 motorway consortium through its subsidiary Contacto - Concessoes. The total amount agreed in the transaction represents euro;42 million (US$47 million).

The motorway links the Portuguese cities of Viseu and Chaves. The 156 kilometers link opens up the north of Portugal and provides ready access to Spain from the center of the country. Because of rugged terrain along the route, 6 years of construction and no fewer than 37 engineering structures were required, the longest being the VilaPouca de Aguiar viaduct with 1,350 meters.

The project was signed on December 1, 2000 and the concession has a duration of 30 years from 31 December 2000. The road was inaugurated in June 2007 and the total project investment was €726 million (US$827.1 million).

The shareholders of Norscut were Eiffage Group, Sonae Capital, BPCE and Egis Projects.

Thierry Déau, CEO and founder of Meridiam, said:

“This transaction contributes to consolidate our long standing relationship with Eiffage Group and Sonae Group. Meridiam is willing to continue investing in South Europe, in countries which need our financing and project development expertise.”